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 Post subject: July 14th Thursday Trade Results - Profit $2025.00
PostPosted: Thu Jul 14, 2016 10:47 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://stocktwits.com/wrbtrader (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $2025.00 dollars or +40.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2025.00 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Today's Trade Log: All of my live trades are posted real-time in the timestamp ##TheStrategyLab free chat room. The live trade is posted 3.2 seconds on average after the trade confirmation via an auto script to minimize delays in posting of my trades. Also, the free chat room is not a signal calling chat room. In contrast, the free chat room is for you to use as your trade journal of trades or your market analysis thoughts so that you can better understand your trades of the past anytime in the future. You can read today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion. In addition, sometimes I'll post real-time trading tips in the free ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=158&t=2410

The free chat room is not a signal calling chat room. I do not mentor (never have) although I get many requests to do mentoring. There is education but only in members private threads at the forum involving members asking questions (help) about their own trading. Thus, the primary purpose of the free chat room is for you to use as your trade journal so that you can use as valuable feedback and for members to help each other...as in more eyes on the market. Also, you can use the free chat room to ask real-time WRB Analysis questions. Yet, please do not post your brokerage statements in the free chat room. Instead, its highly recommended that you only post your brokerage statements in your private thread for security reasons. The free chat room is on IRC via users request because the IRC servers are located in many different countries, software in many different languages and many different types of social media software can be used to log in. I'm the moderator of the free chat room. Thus, I keep the peace between members and I keep out the trouble makers so that members can peacefully post their observations about the markets, trades and WRB Analysis commentary.

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Image Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=294&t=3166 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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click on the above image to view today's price action of key markets


4:15 pm: [BRIEFING.COM] The stock market ended the Thursday affair on a higher note as the Dow Jones Industrial Average (+0.7%) and the S&P 500 (+0.5%) extended their recent jaunts to all-time highs. Today's positive bias can be attributed to hints of further policy easing and stronger-than-expected quarterly results from JPMorgan Chase (JPM 64.12, +0.96). Additionally, a rebound in oil futures, a risk-on posture, and strong sector leadership from the heavily-weighted financial (+0.9%), technology (+0.8%), and industrial (+0.7%) sectors added to the bullish tone.

The major averages jumped at the start of the session, trading higher alongside an extended rally in global markets. The Bank of England helped support the latest round of buying interest when committee members indicated that the central bank was likely to provide further policy stimulus next month. The Bank of England was widely expected to lower its benchmark lending rate at today's meeting, but opted to examine incoming data to determine the specific size and nature of future stimulus. Separately, Dow component JPMorgan added to the bullish tone when it reported top- and bottom-line beats ahead of the open.

The benchmark index notched a session high in the first hour of trade (2168.99), but pulled back soon thereafter when it failed to clear technical resistance near the 2168 price level. Equities ebbed lower through the morning as heavily-weighted financials (+0.9%), technology (+0.8%), and industrials (+0.7%) trimmed some early gains. The S&P 500 (+0.5%) inched back towards its high in the afternoon, finishing its day five points off its best level. Nine sectors finished above their flat lines with financials (+0.9%), materials (+0.8%), and technology (+0.8%) leading the pack while countercyclical utilities (-0.7%), consumer staples (+0.1%), telecom services (+0.2%), and health care (+0.4%) rounded out the leaderboard.

The Dow Jones Transportation Average (+1.1%) finished ahead of the broader market as a rally in airlines boosted the index. The sub-group traded higher in sympathy with Delta Air Lines (DAL 40.98, +1.42) after it reported above-consensus bottom-line results and said that revenue per available seat mile is expected to turn positive by the end of the year. Elsewhere, CSX (CSX 29.05, +0.84) extended its post-earnings winning streak, jumping 3.0%.

The economically-sensitive financial sector (+0.9%) topped the leaderboard as results from JPMorgan Chase (JPM 64.12, +0.96) bolstered the broader sector. Life insurance names, investment brokerages, and money center banks each finished with solid gains. Additionally, Wells Fargo (WFC 48.94, +0.67) and Citigroup (C 44.45, +1.12) gained a respective 1.4% and 2.6% ahead of tomorrow morning's quarterly reports. Separately, Dow component Goldman Sachs (GS 162.54, +4.62) finished at the top of the price-weighted index.

In the technology sector (+0.9%), heavyweight component Apple (AAPL 98.79, +1.92) outperformed after supplier Taiwan Semiconductor (TSM 27.11, +0.22) reported a bottom-line beat and raised its revenue guidance for the third quarter. Other Apple suppliers also outperformed as Skyworks (SWKS 67.39, +2.04) and Qorvo (QRVO 59.31, +2.64) rallied 3.1% and 4.7%, respectively. Elsewhere, LINE Corp (LN 41.58, +8.74) experienced heavy demand on its first day of public trading, jumping 26.6% from its Monday pricing at $32.84.

The U.S. Dollar Index (96.11, -0.11) ended modestly lower as the buck lost ground against commodity currencies and the pound. The dollar/Canadian dollar pair finished lower by 0.6% (1.2898) as crude oil rebounded 1.8% ($45.66/bbl; +0.79). Meanwhile, Sterling gained 1.5% against the dollar (1.3337) as participants reacted to the Bank of England's surprise decision to maintain its monetary policy stance.

Treasuries were pressured at the beginning of the session as investors weighed a hotter-than-expected reading of June PPI (0.5%; Briefing.com consensus: +0.3%). The yield on the 10-yr note rose five basis points to 1.53%.

Today's trading volume was below the recent average as fewer than 815 million shares changed hands on the NYSE floor.

Today's economic data included weekly initial claims and PPI for June:

Initial claims for the week ending July 9 were unchanged at 254,000 (Briefing.com consensus 265,000), marking the 71st straight week that initial claims have been below 300,000.
There were no special factors influencing the latest initial claims reading, which lowered the four-week moving average for the series from 264,750 to 259,000.
That is the lowest level since April 2016.
Continuing claims for the week ending July 2 increased by 32,000 to 2.149 million.
The four-week moving average for this series still dipped from 2,146,250 to 2,143,000.
The Producer Price Index (PPI) for June revealed a 0.5% increase in the PPI for final demand (Briefing.com consensus +0.3%), which was driven by a 0.4% jump in prices for final demand services.
The index for final demand goods increased 0.8%, which was the largest monthly increase since May 2015 and was led by a 4.1% uptick in prices for final demand energy.
The index for final demand less foods and energy ("core PPI") advanced 0.4% (Briefing.com consensus +0.1%).
That was the third straight monthly increase in core PPI and the largest monthly gain since January.
On a year-over-year basis, PPI for final demand is up 0.3% after being down 0.1% in May while core PPI is up 1.3% after being up 1.2% in May.
This is an inflation report that is apt to be seen favorably by the Federal Reserve as price trends are moving in the Fed's preferred direction.

Tomorrow's economic data will include Empire Manufacturing for July (Briefing.com consensus 5.0), Retail Sales for June (Briefing.com consensus +0.2%), and CPI for June (Briefing.com consensus +0.3%) each crossing the wires at 8:30 ET. Separately, Capacity Utilization (Briefing.com consensus 75.0%) and Industrial Production (Briefing.com consensus 0.2%) will be released at 9:15 ET. Finally, the day's data will be capped off with the 10:00 ET release of Business Inventories for May (Briefing.com consensus 0.2%) and the preliminary reading of the University of Michigan Sentiment Index for July (Briefing.com consensus 93.0).

Dow Jones +6.2% YTD
S&P 500 +5.9% YTD
Russell 2000 +5.9% YTD
Nasdaq Composite +0.5% YTD

3:30 pm: [BRIEFING.COM]

The dollar index is down -0.2% at 96.07, boosting commodities overall
Commodities, as measured by the Bloomberg Commodity Index, are up +0.2% at 87.12
Crude oil closes above the $45/barrel handle of support after yesterday's notable post-EIA sell-off
August crude oil futures rose $0.79 (+1.8%) to $45.66/barrel
Baker Hughes rig count data will be released tomorrow at 1 pm ET
Natural gas sees an initial spike after the release of its inventory number, but ultimately closes in the red
August natural gas closed $0.01 lower (-0.4%) at $2.73/MMBtu
Natural gas inventory showed a build of +64 bcf vs expectations for inventory to be a build of approximately +58 bcf.
Working gas in storage was 3,243 Bcf as of Friday, July 8, 2016, according to EIA estimates.
Stocks were 507 Bcf higher than last year at this time and 586 Bcf above the five-year average of 2,657 Bcf.
At 3,243 Bcf, total working gas is above the five-year historical range.
In precious metals, gold sees an afternoon of consolidation on lighter than avg volume, closing near session lows despite dollar weakness
August gold ended today's session down $11.30 (-0.8%) to $1332.10/oz
Silver trades near parity with the previous session's close, consolidating along with gold and closing slightly lower for the day
September silver closed today's session $0.09 lower (-0.4%) at $20.32/oz
Base metal copper closes afternoon pit trading unchanged
September copper closed flat at $2.24/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Dow Jones Industrial Average (+0.8%) leads the tech-heavy Nasdaq (+0.6%) and the S&P 500 (+0.5%).

Nine sectors trade above their flat lines as financials (+1.0%), materials (+0.9%), and technology (+0.8%) lead the pack. The remaining gainers sport upticks between 0.1% (consumer staples) and 0.7% (industrials). Separately, utilities (-0.7%) underperform, pressured by a rise in yields.

In the materials space (+0.9%), Monsanto (MON 103.31, +2.18) has gained 2.2% after confirming the receipt of a revised non-binding offer to be acquired by Bayer AG (BAYRY 103.13, -0.11) for $125 per share. This follows Bayer's initial offer from May 23 to purchase Monsanto for $122 per share. However, reports indicated that Monsanto is also mulling the purchase of BASF's (BASFY 79.37, +2.38) agrochemical division as an alternative to a potential acquisition by Bayer.

Treasuries trade near session lows as yields continue to sport gains across the complex. The yield on the benchmark 10-yr note has risen five basis points to 1.53%.

2:30 pm:

[BRIEFING.COM] The broader market has inched higher since our last update as the S&P 500 (+0.5%) trades in-line with the Nasdaq Composite (+0.5%). Elsewhere, the domestically-facing Russell 2000 (+0.2%) underperforms.

The energy sector (+0.4%) has slipped down the leaderboard as oil trims its gain. WTI crude trades higher by 2.2% ($45.79/bbl; +0.98) ahead of its pit session close at 14:30 ET. In the space, pipeline companies outperform with Kinder Morgan (KMI 20.84, +0.63) and Williams Companies (WMB 23.20, +0.96) jumping 3.0% and 4.4%, respectively. Separately, Dow component Exxon Mobil (XOM 94.82, -0.06) underperforms inside the price-weighted index. The broader sector has gained 2.1% this week while the energy component has ticked higher by 0.9% since Friday.

The U.S. Dollar Index (96.07, -0.08) floats under its flat line as the euro, commodity currencies, and the pound sport gains against the buck. The single currency trades higher by 0.3% against the greenback while the dollar/Canadian dollar pair trades lower by 0.8% (1.2879). Sterling has gained 1.3% against the dollar (1.3317) as the foreign exchange market reacts to the Bank of England's surprise decision to maintain its monetary policy stance.

2:00 pm:

[BRIEFING.COM] The major averages have floated higher in recent action as the Dow Jones Industrial Average (+0.6%) and the Nasdaq Composite (+0.5%) trade ahead of the S&P 500 (+0.4%). The benchmark index trades eight points off its best level of the day.

The consumer discretionary space (+0.4%) has traded in-line with the broader market for the bulk of the session as Yum! Brands (YUM 88.15, +2.41) helps restaurant names display relative strength. The retail sub-group trades behind the broader sector, evidenced by the 0.2% gain in the SPDR S&P Retail ETF (XRT 43.95, +0.09). In the sub-group, specialty retailer, eBay (EBAY 26.14, +1.02) outperforms ahead of next Wednesday's earnings report. The stock has rallied 4.0%, floating back towards its session high (26.26) in recent trade. Conversely, heavily-weighted component Amazon (AMZN 741.86, -0.77) trades on a flat note, but is up 3.7% in July. This compares to a gain of 0.9% in the broader discretionary sector and 2.9% in the benchmark index.

On the commodities front, gold ended its pit session lower by 0.8% ($1,332.10/ozt; -$11.30), extending its weekly decline to 1.9%.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have experienced selling pressure in recent trade as earlier gains continue to fade away.

A look inside the Dow Jones Industrial Average shows that Goldman Sachs (GS 162.22, +4.30), JP Morgan (JPM 64.17, +1.01), and Apple (AAPL 98.34, +1.47) are outperforming. Goldman is leading the Dow amid a positive read through from this morning's Q2 JP Morgan report. For Q2, JPM reported better than expected top and bottom line results. Apple shares are higher in sympathy following a strong Q2 report from supplier Taiwan Semi (TSM 26.79, -0.10)

Conversely, UnitedHealth Group (UNH 140.58, -0.90) is the worst-performing Dow component as health care lags.

For the week, the DJIA is at current levels +1.8%.

1:05 pm:

[BRIEFING.COM] The stock market trades on a higher note at midday as investors eye potential easing measures from overseas and positive quarterly results from JPMorgan Chase (JPM 64.41, +1.25). Additional factors impacting today's trade include a rebound in crude oil, a downturn in safe havens, and the outperformance of the heavily-weighted financial (+0.9%), industrial (+0.7%), and technology (+0.7%) sectors. At midday, the Dow Jones Industrial Average (+0.7%) trades ahead of the Nasdaq Composite (+0.6%) and the S&P 500 (+0.5%).

Global bourses extended their recent rally as investors looked to potential policy stimulus measures from the Bank of Japan and the Bank of England. Japan's Nikkei (+1.0%) extended its recent winning streak amid reports that the country is on the verge of revealing a large stimulus package. Separately, investors shrugged off news that the Bank of England held off on cutting its benchmark interest rate. The central bank was widely expected to cut its policy rate by 25 basis points (to 0.25%). However, bank committee members indicated that expectations remain high for an August rate cut.

The major averages notched session highs in the first hour of trade as equity markets looked to continue their recent risk rally. The benchmark index (2169.13) and the Dow Jones Industrial Average (18537.57) each notched fresh all-time intraday highs, before ebbing lower into the afternoon. At midday, nine sectors trade in the green with financials (+0.9%), materials (+0.9%), and technology (+0.7%) leading the pack. On the flipside, defensively-oriented utilities (-0.8%), telecom services (+0.1%), consumer staples (+0.1%), and health care (+0.2%) round out the leaderboard.

The economically-sensitive financial sector (+0.9%) demonstrates broad-based strength as the group trades higher in sympathy with JPMorgan Chase (JPM 64.41, +1.25). The Dow component has risen 2.0% after reporting above-consensus quarterly results. Elsewhere, Wells Fargo (WFC 48.86, +0.59) and Citigroup (C 44.61, +1.28) have gained a respective 1.2% and 3.0% ahead of tomorrow morning's quarterly reports.

The Dow Jones Transportation Average (+0.9%) demonstrates relative strength as airlines outperform. In the group, Delta Air Lines (DAL 40.59, +1.03) has gained 2.6% after beating bottom-line estimates on in-line revenue. The airline expects to achieve positive revenue per available seat mile by the end of the year. Elsewhere, CSX (CSX 28.80, +0.59) has extended its post-earnings rally to 6.6% after reporting its second quarter results during Wednesday's session.

In the influential technology (+0.7%) sector, Apple (AAPL 98.40, +1.53) outperforms after supplier Taiwan Semiconductor (TSM 26.90, +0.01) reported above-consensus results for the quarter and raised its third-quarter revenue guidance. Meanwhile, LINE Corp (LN 41.90, +9.06) has spiked 27.5% after pricing its 35-million share IPO at $32.84 on Monday.

The U.S. Dollar Index (96.09, -0.12) has ticked lower in recent action as commodity currencies extend their rebound against the dollar. The dollar/Canadian dollar pair trades lower by 0.8% (1.2873) amid a 1.8% ($45.56/bbl; +0.81) rally in crude oil. Separately, the dollar/yen pair trades higher by 0.8% (105.34).

Treasuries trade on a lower note as yields rise throughout the complex. The yield on the 10-yr note has risen six basis points to 1.54%, climbing 18 basis points from last Friday's settlement at 1.36%.

Today's economic data included weekly initial claims and PPI for June:

Initial claims for the week ending July 9 were unchanged at 254,000 (Briefing.com consensus 265,000), marking the 71st straight week that initial claims have been below 300,000.
There were no special factors influencing the latest initial claims reading, which lowered the four-week moving average for the series from 264,750 to 259,000.
That is the lowest level since April 2016.
Continuing claims for the week ending July 2 increased by 32,000 to 2.149 million.
The four-week moving average for this series still dipped from 2,146,250 to 2,143,000.
The Producer Price Index (PPI) for June revealed a 0.5% increase in the PPI for final demand (Briefing.com consensus +0.3%), which was driven by a 0.4% jump in prices for final demand services.
The index for final demand goods increased 0.8%, which was the largest monthly increase since May 2015 and was led by a 4.1% uptick in prices for final demand energy.
The index for final demand less foods and energy ("core PPI") advanced 0.4% (Briefing.com consensus +0.1%).
That was the third straight monthly increase in core PPI and the largest monthly gain since January.
On a year-over-year basis, PPI for final demand is up 0.3% after being down 0.1% in May while core PPI is up 1.3% after being up 1.2% in May.
This is an inflation report that is apt to be seen favorably by the Federal Reserve as price trends are moving in the Fed's preferred direction.

12:30 pm:

[BRIEFING.COM] The major averages amble near their recent levels as the S&P 500 (+0.5%) trades neck-and-neck with the Nasdaq Composite (+0.5%). For the week, the two indices sport gains of 1.5% apiece.

A risk-on sentiment has underpinned today's advance as financials (+0.9%), materials (+0.9%), and technology (+0.7%) display relative strength. Conversely, countercyclical sectors underperform with utilities (-0.9%), telecom services (+0.1%), consumer staples (+0.2%), and health care (+0.3%) rounding out the leaderboard.

The health care space (+0.3%) trades behind the broader market as large cap AbbVie (ABBV 63.54, -1.23) slides 1.9%. Separately, health care service names underperform with Universal Health (UHS 134.97, -1.64) and HCA (HCA 78.35, -1.19) declining a respective 1.2% and 1.5%. Biotechnology trades behind the sector, evidenced by the 0.1% gain in the iShares Nasdaq Biotechnology ETF (IBB 268.10, +0.30).

Treasuries have inched off their lows, but continue to show moderate losses. The yield on the 10-yr note has risen six basis points to 1.54% while the yield on the 30-yr bond has risen nine basis points to 2.26%.

12:00 pm:

[BRIEFING.COM] The broader market has floated lower in recent action as the Dow Jones Industrial Average (+0.8%) leads the S&P 500 (+0.6%) and the Nasdaq Composite (+0.6%).

The influential technology (+0.7%) sector outperforms as Dow components IBM (IBM 159.85, +1.83) and Apple (AAPL 98.43, +1.56) lead the sector. The smartphone manufacturer has gained 1.6% after supplier Taiwan Semiconductor (TSM 26.92, +0.03) reported top- and bottom-line beats for the quarter. Taiwan Semiconductor raised its revenue outlook for the third quarter. On a side note, Apple is scheduled to release its quarterly report on July 26 after the close.

On the IPO front, LINE Corp (LN 41.20, +8.34) has rallied 25.5% after pricing its 35-million share offering at $32.84 on Monday.

The U.S. Dollar Index (96.13, -0.09) continues to trade narrowly beneath its flat line as the Canadian dollar and the pound sport gains against the buck. The dollar/Canadian dollar pair trades lower by 0.5% (1.2913) while cable has gained 1.5% (1.3346). Separately, the dollar/yen pair trades higher by 0.9% (105.41) after ticking off the 105.55 price level.

11:30 am:

[BRIEFING.COM] The major indices have inched lower in recent action as the S&P 500 (+0.6%) trades four points off its best level of the day. Elsewhere, the domestically-facing Russell 2000 (+0.7%) trades largely in-line with the benchmark index.

The economically-sensitive financial sector (+1.0%) continues to meander near its best level of the day, buoyed by positive quarterly results from JPMorgan Chase (JPM 64.65, +1.49). Fellow money center banks are trading higher in sympathy with the name, and ahead of quarterly reports from Wells Fargo (WFC 48.90, +0.63) and Citigroup (C 44.63, +1.30). The two are scheduled to release their reports ahead of tomorrow's opening bell.

Conversely, BlackRock (BLK 356.07, -1.49) underperforms after missing bottom-line estimates for the quarter. Additionally, rate-sensitive real estate investment trusts underperform the broader sector and market after investors received a hotter-than-expected reading of June PPI (0.5%; Briefing.com consensus: +0.3%).

The inflation reading may pique the Fed's interest in raising rates sooner than the market currently expects. However, Atlanta Fed President and non-FOMC voter Dennis Lockhart recently stated that he advocates a cautious and patient approach to interest rate normalization.

11:00 am:

[BRIEFING.COM] The major averages have ticked higher since our last update as the Dow Jones Industrial Average (+0.8%) trades ahead of the S&P 500 (+0.6%). The price-weighted index recently carved out a new all-time intraday high at 18537.57.

The heavily-weighted industrial sector (+0.8%) displays relative strength as airline and rail names outperform. In the group, Delta Air Lines (DAL 40.68, +1.12) has rallied 2.9% after announcing that it expects to achieve positive revenue per available seat mile later this year. The company also reported a bottom-line beat on in-line revenue. Elsewhere, CSX (CSX 28.87, +0.66) has gained 2.3% after the company gave a favorable outlook on freight trends involving automobiles and minerals. The company reported a bottom-line beat during yesterday's session. CSX has climbed 6.9% since reporting its second quarter results on Wednesday. The broader industrial sector sports a gain of 2.6% for the week, trailing only financials (+1.0%; week-to-date: +2.9%) and materials (+0.8%; week-to-date: +3.4%) over that period.

On the commodities front, WTI crude trades higher by 1.5% ($45.42/bbl; +0.67) while gold has trimmed its decline to 1.1% ($1,329.00/ozt, -$14.60).

10:30 am: [BRIEFING.COM]

The dollar index trades nearly flat, modestly down -0.04% around the 96.16 level
Commodities, as measured by the Bloomberg Commodity Index, are up +0.6% at the 87.49 level
Crude oil sees selling pressure lifted as it trades higher following yesterday's notable sell-off post-EIA
August crude oil futures are currently up $0.43 (+1.0%) at $45.17/barrel
Baker Hughes rig count data will be released tomorrow at 1 pm ET
Natural gas surges into positive territory following EIA storage data, which showed a larger-than-expected build compared to Consensus
August natural gas futures are currently up $0.01 (+0.5%) at $2.75/MMBtu
EIA inventory highlights:
Natural gas inventory showed a build of +64 bcf vs expectations for inventory to be a build of approximately +58 bcf.
Working gas in storage was 3,243 Bcf as of Friday, July 8, 2016, according to EIA estimates.
Stocks were 507 Bcf higher than last year at this time and 586 Bcf above the five-year average of 2,657 Bcf.
At 3,243 Bcf, total working gas is above the five-year historical range.
In precious metals, gold erases all of the previous session's gains as the dollar trades flat to modestly down
August gold futures are down $16.60 (-1.2%) at $1326.80/oz
Silver futures open and consolidate into a downtrend in morning pit trading, after hitting 2-year highs earlier in the week
September silver futures are down $0.14 (-0.7%) at 20.27/oz
Base metal copper inches modestly higher in morning pit trading, rallying for the 5th consecutive session
September copper futures are up $0.01 (+0.1%) at $2.24/lb

10:00 am:

[BRIEFING.COM] The major averages float off their best levels of the day as the Dow Jones Industrial Average (+0.7%) leads the S&P 500 (+0.6%).

Nine sectors trade in the green with financials (+1.0%), industrials (+0.8%), and technology (+0.6%) leading the advance. Conversely, utilities (-0.4%) underperform.

In the consumer discretionary space (+0.6%), Yum! Brands (YUM 89.27, +3.53) leads the restaurant sub-group after reporting a bottom-line beat after yesterday's close. The company also raised its full-year operating growth forecast, projecting a 14.0% increase. The estimate rose from prior guidance of 12.0%. The broader consumer discretionary space sports a gain of 1.1%, trailing the remaining cyclical sectors over that time.

The U.S. Dollar Index (96.22, +0.00) has inched back to its flat line as the greenback makes up some ground against the euro and the pound. The single currency sports a gain of 0.2% against the dollar (1.1114) after slipping from the 1.1160 price level overnight. Cable has gained 1.2% against the buck (1.3298), but has pulled back from the 1.3400 area. Conversely, the dollar has gained 1.2% against the yen (105.75).

9:45 am:

[BRIEFING.COM] As expected, the stock market began its day on a higher note as the Nasdaq Composite (+0.6%) and the Dow Jones Industrial Average (+0.6%) lead the S&P 500 (+0.5%). The benchmark index carved out a fresh all-time intraday high at the open (2166.49). Separately, the Dow Jones Industrial Average notched a new all-time intraday high at 18511.51.

Eight sectors trade in the green with financials (+1.0%) and industrials (+0.9%) leading the advance. The remaining cyclical sector gainers sport upticks between 0.5% (energy) and 0.7% (consumer discretionary). Conversely countercyclical sectors underperform with health care (+0.3%), consumer staples (+0.3%), telecom services (UNCH), and utilities (-0.5%) rounding out the leaderboard.

In the financial sector (+1.0%), money center banks demonstrate relative strength as the group trades higher in sympathy with JPMorgan Chase (JPM 64.39, +1.23). The company reported above-consensus quarterly results ahead of the open. Elsewhere, life insurance names also outperform with MetLife (MET 41.97, +1.49), gaining 3.7%.

The Dow Jones Transportation Average (+1.1%) displays relative strength with airline names pacing the advance. The U.S. Global Jets ETF (JETS 23.22, +0.32) is trading higher in sympathy with Delta Air Lines (DAL 40.39, +0.83).

On the commodities front, WTI crude trades higher by 1.1% ($45.22/bbl, +0.47) while gold has slipped 1.7% to $1,321.00/ozt.

9:20 am: [BRIEFING.COM] S&P futures vs fair value: +16.30. Nasdaq futures vs fair value: +33.80.

The stock market is on track for a higher open as the S&P 500 futures trade 16 points above fair value.

Futures marched higher ahead of today's session as investors responded to a positive bias in global markets and better-than-expected quarterly results from JPMorgan Chase (JPM 64.71, +1.55). Global markets extended their rally overnight, continuing to eye potential policy stimulus from the Bank of Japan and the Bank of England. The United Kingdom's central bank surprised investors this morning when it opted to maintain its policy stance despite participants expecting a 25-basis point cut to 0.25%. However, market participants shrugged off the surprise after most members of the bank's committee indicated that they expect monetary policy to be loosened in August.

Financial names are pacing the advance here at home, responding to positive quarterly results from JPMorgan Chase. The bank reported that revenue rose 2.5% year-over-year while average core loans increased 16.0% year-over-year. Wells Fargo (WFC 48.95, +0.68) and Citigroup (C 44.50, +1.17) are each trading higher on the news as investors look ahead to their respective quarterly reports tomorrow morning.

In other company news, Delta Air Lines (DAL 39.80, +0.24) trades higher by 0.6% after beating bottom-line estimates on in-line revenue. The airline also announced that it would be cutting capacity on routes between the United States and the United Kingdom. Separately, Cree (CREE 27.46, +2.38) has rallied 9.5% after announcing the sale of its Wolfspeed Power & RF divisions to Infineon Technologies (IFNNY 14.76, -0.27) for $850 million in cash. Cree also projected that fourth quarter revenue would fall in the upper end of its target range.

On the commodities front, WTI crude has rebounded 1.2% ($45.30/bbl; +0.55) after declining 4.0% during yesterday's session. Separately, gold has fallen 1.5% ($1,323.80/ozt, -$19.80) as investors continue to favor a risk-on approach.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: +17.30. Nasdaq futures vs fair value: +35.10.

The S&P 500 futures trade 17 points above fair value.

Equity indices in the Asia-Pacific region ended Thursday on a mixed note. Japan's Nikkei (+1.0%) continued its recent outperformance even though Prime Minister Shinzo Abe's advisor Koichi Hamada dampened hopes for more easing from the Bank of Japan. The yen, meanwhile, has retreated to 105.82 per dollar, leaving the dollar/yen pair roughly 100 pips below where it traded ahead of the Brexit vote. Elsewhere, the Bank of Korea left its 7-day repurchase rate at 1.25%, as expected.

In economic data:
Australia's June Employment Change 7,900 (expected 10,000; previous 19,200). Unemployment Rate 5.8%, as expected (previous 5.7%), and Participation Rate ticked up to 64.9% from 64.8% (expected 64.8%)
Singapore's Q2 GDP +0.8% quarter-over-quarter (expected 0.9%; last 0.2%); +2.2% year-over-year (consensus 2.2%; last 2.1%)
India's June WPI Inflation 1.62% (expected 1.19%; previous 0.79%)

---Equity Markets---

Japan's Nikkei gained 1.0% with all ten sectors ending in the green. Technology (+1.6%), communications (+1.6%), energy (+1.4%), and consumer staples (+1.3%) led the way. Dai Nippon Printing, Komatsu, Trend Micro, Dentsu, Eisai, Tokyo Electron, and Central Japan Railway gained between 2.6% and 4.4%.
Hong Kong's Hang Seng advanced 1.1% with property names and financials contributing to the strength. Sino Land, Hang Lung Properties, Henderson Land, Bank of China, Bank of East Asia, and HSBC gained between 1.3% and 2.3%.
China's Shanghai Composite shed 0.2%. China Southern Airlines, Anhui Golden Seed Winery, Fangda Special Steel Technology, and Shandong Hi-Speed lost between 2.8% and 4.6%.
India's Sensex added 0.5%. ICICI Bank paced the advance with a 2.7% spike while Maruti Suzuki, Tata Consultancy, Tata Motors, AXIS Bank, and HDFC Bank gained between 0.5% and 2.4%.

Major European indices trade mostly higher while UK's FTSE (+0.5%) trades behind the remaining regional bourses. The Bank of England surprised investors when it left its key interest rate at 0.5%, maintaining the asset purchase program at GBP375 billion. The Bank of England did note that most members of the Committee expect monetary policy to be loosened in August, which confirms market expectations for a rate cut this summer. The pound has jumped 1.4% against the dollar to 1.33.

Economic data was limited:
Swiss June PPI +0.1% month-over-month (expected 0.2%; last 0.4%); -1.0% year-over-year, as expected (last -1.2%)

---Equity Markets---

UK's FTSE trade higher by 0.5% with consumer names struggling while homebuilders and financials outperform. Burberry, Sports Direct, Tesco, Merlin Entertainments, and ITV are down between 0.4% and 3.2%. Conversely, Taylor Wimpey, Persimmon, Aberdeen Asset Management, RBS, and Barclays are up between 1.7% and 2.6%.
France's CAC is higher by 1.4% with financials contributing to the advance. Societe Generale, BNP Paribas, and Credit Agricole are up between 2.0% and 2.2%. Steelmaker ArcelorMittal has jumped 2.3% while Airbus, Sanofi, and Accor show losses between 0.5% and 1.4%.
Germany's DAX has added 1.5% with help from exporters and financials. BMW, Daimler, and Volkswagen are all up near 1.6% while Deutsche Bank and Commerzbank hold respective gains of 2.6% and 0.8%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +16.00. Nasdaq futures vs fair value: +31.10.

Equity futures have pulled back in recent action as the S&P 500 futures trade 16 points above fair value.

Just released, June producer prices increased 0.5% while the Briefing.com consensus expected an uptick of 0.3%. Core producer prices came in higher by 0.4% while the consensus called for an uptick of 0.1%.

Separately, the latest weekly initial jobless claims count totaled 254,000 while the Briefing.com consensus expected a reading of 265,000. Today's tally was in-line with the unrevised prior week's count of 254,000. As for continuing claims, they rose to 2.149 million from 2.117 million.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +17.50. Nasdaq futures vs fair value: +33.50.

U.S. equity futures trade higher with the S&P 500 futures trading 18 points above fair value. Futures trade on a higher note as investors weigh monetary policy decisions overseas and positive earnings results here at home. The Bank of England surprised investors this morning, voting to leave its monetary policy stance unchanged in July. The market had expected the central bank to lower its key lending rate to 25 basis points after last month's surprise Brexit vote. However, the committee did indicate that it expects monetary policy to be loosened in August.

On the home front, JPMorgan Chase (JPM 64.50, +1.34) beat analysts' estimates for the quarter, reporting that revenue rose 2.5% year-over-year. The company also reported that its loan loss reserves increased to $14.2 billion from $13.9 billion in the prior year.

Treasuries trade on a lower note as yields rise throughout the complex. The yield on the 10-yr note has risen five basis points to 1.52%.

Today's economic data will include weekly initial claims (Briefing.com consensus 265k) and Core PPI for June (Briefing.com consensus 0.1%), which will both be released at 8:30 ET.

In U.S. corporate news of note:

JPMorgan Chase (JPM 64.50, +1.34): +2.1% after beating top- and bottom-line estimates for the quarter
Yum! Brands (YUM 89.20, +3.46): +4.0% following the company reporting above-consensus bottom-line results and raising its FY16 core operating growth forecasts
Monsanto (MON 100.15, -0.98): -1.0% amid reports that the company could acquire BASF's (BASFY 76.99, +0.00) agrochemical division
BlackRock (BLK 355.01, -2.49): -0.7% after missing bottom-line estimates while assets under management grew 4.0% year-over-year

Reviewing overnight developments:

Asia-Pacific indices ended Thursday on a mixed note with Hong Kong's Hang Seng +1.1% and Japan's Nikkei +1.0% while China's Shanghai Composite slipped 0.2%.
In economic data:
Australia's June Employment Change 7,900 (expected 10,000; previous 19,200). Unemployment Rate 5.8%, as expected (previous 5.7%), and Participation Rate ticked up to 64.9% from 64.8% (expected 64.8%)
Singapore's Q2 GDP +0.8% quarter-over-quarter (expected 0.9%; last 0.2%); +2.2% year-over-year (consensus 2.2%; last 2.1%)
India's June WPI Inflation 1.62% (expected 1.19%; previous 0.79%)
In news:
Prime Minister Shinzo Abe's advisor Koichi Hamada dampened hopes for more easing from the Bank of Japan.
The yen, meanwhile, has retreated to 105.75 per dollar
The Bank of Korea left its 7-day repurchase rate at 1.25%, as expected.

European indices trade higher with Germany's DAX +1.3%, France's CAC +1.1%, and the U.K.'s FTSE +0.1%.
Economic data was limited:
Swiss June PPI +0.1% month-over-month (expected 0.2%; last 0.4%); -1.0% year-over-year, as expected (last -1.2%)
In news:
The U.K.'s FTSE (+0.1%) underperforms after the Bank of England announced no changes to its policy stance.
The central bank left its key interest rate at 0.5%, maintaining the asset purchase program at GBP375 billion.
The BoE did note that most members of the Committee expect monetary policy to be loosened in August.
The pound has jumped 1.7% against the dollar to 1.3373.

5:59 am: [BRIEFING.COM] S&P futures vs fair value: +20.50. Nasdaq futures vs fair value: +45.10.

5:59 am: [BRIEFING.COM] Nikkei...16386...+154.50...+1.00%. Hang Seng...21561...+238.70...+1.10%.

5:59 am: [BRIEFING.COM] FTSE...6728.10...+57.70...+0.90%. DAX...10067.99...+137.30...+1.40%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com


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